Accounting and Financial Reporting Considerations Related to COVID and The Economic Downturn (Completed)

Date: Thursday, April 15, 2021
Instructor: Lynn Fountain
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs

The COVID-19 pandemic is affecting major economic and financial markets, and virtually all industries and governments are facing challenges associated with the economic conditions resulting from efforts to address it.

Companies will have to report on their operations, financial condition, and cash flows during this crisis, and those reports will have to be audited. There are numerous considerations management and auditors will need to take when preparing and auditing financial statements. There will likely be many interrelated financial reporting and auditing implications of the coronavirus (COVID-19) pandemic and its impact on economic activity.

Entities must carefully consider their unique circumstances and risk exposures when analyzing how recent events may affect their financial reporting. Financial reporting and related financial statement disclosures may need to convey all material current or potential effects of the COVID-19 pandemic. Management must also understand the risks entities face and how they are affected by them.

SEC registrants must consider whether to disclose information in areas such as MD&A or the risk factors section in addition to their disclosures in the footnotes to the financial statements.

The purpose of this session is to provide an up-to-date highlight of some of the most common matters for consideration, and to provide practical guidance for auditors and preparers. We will focus on cases where substantial judgment and professional skepticism are necessary to assess the facts and ensure that the operative standards are applied. We will also discuss key considerations and issues for accounting and financial reporting related to COVID-19 and the CARES Act. The bullet points outlined in the learning objectives are intended to provide an overview of areas that will be examined. This course and content will address up-to-date issues as of the webinar date.

Who Should Attend
CFO’s, CEO’s, Board Members, Managers, Supervisors, and any individual seeking to me a leader.

Topics Covered

  • Impact of preparation of current and forward looking financial statements
  • Contract modifications
  • Accounting for financial assets
  • Recoverability of impairment of assets
  • Subsequent events
  • Going concern
  • Disclosures
  • Emerging topic matters for accounting and financial reporting

Learning Objectives

  • Recognize how to examine the impact of preparation of current and forward looking financial statements
  • Identify specific accounting and concern areas that may be impacted by conditions of the pandemic
  • Identify emerging topic matters for accounting and financial reporting

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
None

Advance Preparation
None

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